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Strong Dollar Squeeze As Markets Await Friday's NFP Report

FOREX
  • The Dollar Index Reached its best levels since May 14th as the greenback consistently extended gains throughout the US session, following a firm ADP Employment Reading.
  • Risk tied currencies were the hardest hit as equity markets started the US session poorly. Despite a late bounce on the Biden tax headlines, the more realistic prospect of legislation passing in the US continued to buoy the dollar.
  • AUD and NZD lost around 1.5% compared to the 0.7% gains in broad dollar indices. Further relative underperformers were seen in the EM space with MXN, TRY and ZAR all retreating over 1%.
  • Most other G10 currencies fell a proportional amount, with EUR, JPY, GBP, CAD and CHF all lower by between 0.5-0.7%.
  • Recent fresh multi month/year highs made in both GBP and CAD represent interesting potential technical turning points. GBPUSD lies right at initial firm support of 1.4092, May 27 low where a break would suggest scope for a deeper corrective pullback.
  • The focus for markets turns to Friday's release of US May Non-Farm Payrolls. Fed's Daly tweeted a reminder that the data for the 'next few months will likely be volatile…We have work to do to get to full employment and price stability.'
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